nikkei 225 daily outlook for fri 14 aug eyeing the 2085020960 significant range top 1027792015

(Click to enlarge chart) Key elements The intermediate swing low of the Japan 225 (proxy for the Nikkei 225) stands at 20470 which corresponds closely […]

(Click to enlarge chart)

Key elements

The intermediate swing low of the Japan 225 (proxy for the Nikkei 225) stands at 20470 which corresponds closely with the 38.2% Fibonacci retracement of the recent up move from 12 August 2015 low@10pm to 13 August 2015 high @3pm.
The hourly Stochastic oscillator has started to inch up from its oversold region which implies a revival of upside momentum.
The short-term significant resistance stands at the June/July 2015 rang top at 20850/20960.

Key levels

Intermediate support: 20470

Pivot (key support): 20380

Resistance: 20680 & 20850/20960

Next support: 20050 (weekly pivot)

Conclusion

Short-term technical elements are still positive which advocate for a potential push up to target 20680 before the aforementioned range top at 20850/20960, holding above the 20470/20380 key support.

However, a break below the 20380 daily pivotal support is likely to damage the bullish tone to see a deep slide to retest the 20050 weekly pivotal support.

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